News Summary
River Oaks Management Inc. has successfully acquired the Terra Oceanside apartment complex for $18.3 million. This notable transaction in North County San Diego translates to $295,161 per unit for the 62-unit property. Located at 3964 & 3970 Waring Road, the complex offers modern amenities and attractive community features, appealing to potential tenants. This acquisition aligns with River Oaks’ strategy to expand its portfolio in desirable markets and reflects the competitive investment environment in the local real estate sector.
Oceanside – River Oaks Management Inc. has successfully acquired the Terra Oceanside apartment complex for $18.3 million, marking a significant transaction in the North County San Diego area. The purchase took place from an Irvine-based family trust and translates to a cost of $295,161 per unit for the 62-unit property.
Located at 3964 & 3970 Waring Road, this apartment complex was originally constructed in 1980 and offers a diverse range of living options, including studio, one-bedroom, and two-bedroom apartments. The units are designed with modern amenities such as patios or balconies, vinyl flooring, quartz countertops, and stainless steel appliances, appealing to prospective tenants.
In addition to the individual unit features, Terra Oceanside also provides several community amenities. Residents can enjoy an onsite management office, laundry facilities, a fitness center, built-in barbecues, and both covered and uncovered parking spaces. These conveniences contribute to a comfortable living experience for residents and enhance the property’s appeal in a competitive rental market.
The sale was part of a 1031 exchange, a tax-deferred swap that allows property owners to defer capital gains taxes when they sell an investment property and reinvest the proceeds into a similar property. This transaction demonstrates the strategic financial considerations involved in real estate investments.
The apartment complex attracted considerable interest, with the listing generating multiple competitive offers, indicative of strong investor demand in the North County San Diego submarket. This level of interest suggests a robust market environment and the attractiveness of the property’s location, further emphasizing the trend of increasing competition among investors in the region.
Key players in this transaction included brokers Tyler Leeson, Drew Holden, and Matthew Kipp from Marcus & Millichap, a well-known commercial real estate brokerage firm. Tyler Leeson, serving as an executive managing director at Marcus & Millichap’s Orange County office, highlighted the competitive interest surrounding the property, which ultimately facilitated a successful sale.
The acquisition of Terra Oceanside aligns with River Oaks Management’s strategy to expand its portfolio in desirable markets. The company, based in Tustin, focuses on multifamily properties and is dedicated to enhancing the quality of its offerings to serve the needs of growing communities.
As the rental market in San Diego County continues to evolve, sales like that of Terra Oceanside reflect ongoing trends of investment and development in residential properties. The combination of appropriate amenities, desirable location, and strategic financial management are critical factors contributing to decisions made by property management firms and investor groups alike.
The successful transition of this property also signals potential growth opportunities for River Oaks Management and reflects their confidence in the North County San Diego real estate market. The thriving atmosphere for multifamily housing indicates that more investors may seek similar opportunities given the increasing demand for rental units in this region.
Overall, the acquisition of the Terra Oceanside apartment complex is a noteworthy event in the local real estate landscape, underscoring the dynamics of property sales, investment strategies, and market conditions that influence the housing sector within Oceanside and beyond.
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Additional Resources
- Rebusiness Online: Terra Oceanside Apartment Complex Sale
- San Diego Union-Tribune: Oceanside Apartment Building Appeal
- The Coast News: First Apartment Community in El Corazon Park
- CBS 8: Oceanside Neighbors’ Concerns
- Google Search: Oceanside Real Estate Development
